Notice of Settlement Hearing

NOTICE is hereby given that a hearing will be held electronically by videoconference before a hearing panel of the Central Regional Council (the “Hearing Panel”) of the Mutual Fund Dealers Association of Canada (the “MFDA”) on December 15, 2022 at 1:00 p.m. (Eastern), or as soon thereafter as the hearing can be held, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (the “Settlement Agreement”) entered into between Staff of the MFDA and Queen Financial Group Inc. (the “Respondent”).

The subject matter of the proposed Settlement Agreement concerns matters for which the Respondent may be disciplined as a Member of the MFDA, pursuant to sections 20 and 24.1.2 of By-law No. 1 of the MFDA.

PARTICULARS

1. The proposed Settlement Agreement concerns the allegation that the Respondent approved and allowed the sale of certain exempt products (the “Products”) without using adequate due diligence to understand the material attributes, features and risks of the Products and ensuring that the Products offered to clients were suitable, contrary to MFDA Rules2.1(c)[1] and 2.1.1.
2. MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at mfda.ca.

[1]On December 31, 2021, MFDA Rule 2.2 was amended to conform with client focused reforms to National Instrument 31-103.  As the conduct addressed in the Settlement Agreement in this case pre-dated the amendment to the Rules, all references in the Settlement Agreement to MFDA Rule 2.2 concern the version of the Rule that pre-dated the December 31, 2021 amendments.